AMERISAFE Business Summary

AMERISAFE, Inc. (AMSF) operates as a specialty provider of workers' compensation insurance, primarily generating revenue through insurance premiums and investment income from its portfolio. The company focuses exclusively on small to mid-sized employers in high-hazard industries, including construction, trucking, logging and lumber, agriculture, manufacturing, maritime, and telecommunications. Its business model is centered on disciplined underwriting and intensive loss control services tailored to hazardous work environments, allowing it to maintain profitability in sectors often avoided by generalist carriers. AMERISAFE competes directly with other specialty and property-casualty insurers such as Employers Holdings, Inc. (EIG), ProAssurance Corporation (PRA), and HCI Group, Inc. (HCI), positioning itself as a niche market leader with a high-density focus on high-risk, high-hazard employment sectors. Founded in 1985 by Millard E. Morris, the company is currently led by G. Janelle Frost, who serves as President and Chief Executive Officer and has assumed the roles of principal financial and accounting officer following the November 2025 resignation of CFO Anastasios Omiridis. Frost, a company veteran since 1992, previously served as COO and CFO before taking the helm in 2015. The executive team includes Vincent J. Gagliano (EVP and Chief Risk Officer) and Kathryn H. Shirley (EVP, Chief Administrative Officer, and Secretary). The Board of Directors is chaired by Jared A. Morris and features notable members such as Sean M. Traynor, a general partner at Welsh, Carson, Anderson & Stowe, and Billy B. Greer, Managing Director at PGIM Private Capital. The company maintains high institutional backing from major investors including BlackRock and The Vanguard Group.